Reclaim Long Island Homes
A Program of CDCLI Housing Development Fund Corporation
Community Development Corporation of Long Island’s not-for-profit development company, CDCLI Housing Development Fund Corporation (CDCLI Housing) was organized under Article XI of the New York State housing finance law to develop affordable rental and ownership housing for low and moderate income Long Islanders. CDCLI Housing has developed hundreds of units of for-sale housing and nearly a thousand units of rental housing.
Under the Reclaim Long Island Homes Program, CDCLI will acquire and renovate twenty (20) foreclosed homes in Suffolk County which will offer affordable rental opportunities for families with incomes below 50% of the Nassau-Suffolk median income.
CDCLI Housing will also acquire and renovate 15 foreclosed homes in the Village of Freeport. The target community for the program, the northeastern quadrant, is the location of the most dilapidated housing in the Village of Freeport, and the area with the highest concentration of poverty and minority population. CDC has focused housing rehabilitation and weatherization efforts in this neighborhood under our WRAP program for the past six years. Freeport has the second highest rate of foreclosures of any community throughout Long Island. These homes will be sold to low and moderate income first time homebuyers, with appropriate subsidies to assure affordability at their income level.
CDCLI Housing will purchase thirty-five (35) foreclosed, vacant properties in distressed communities in Nassau and Suffolk County using a variety of funding sources. This will include, as available, funding from the New York State Neighborhood Stabilization Program, Nassau and Suffolk County’s Neighborhood Stabilization Programs, and HOME funds from the State, Counties and the Townships of Babylon and Islip. The homes will be rehabilitated to health and safety codes.
The twenty (20) houses in Suffolk will be retained by CDCLI Housing long-term, and rented to Housing Choice Voucher participants. The houses will have project-based vouchers and will be rented to families with incomes below 50% of the area median income. All families will be offered supportive services and as they become eligible, they will be provided the opportunity to purchase an alternative home using the voucher homeownership program.
The fifteen (15) houses in Freeport will be sold to participants in the First Time Homebuyers programs offered through CDC’s NeighborWorks® HomeOwnership Centers. Purchasers will be assisted in obtaining subsidies consistent with their income levels, which will range from below 80% of median, to below 120% of median.
